Study Finds Payment Executives at Security Crossroads

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Collaboration

Industry collaboration is key to the path forward.

Addressing security concerns around current and emerging payments systems isn't the job of a single company or stakeholder. There is broad consensus around the need for increased collaboration to solve the security issues facing the industry, with 85 percent of respondents believing greater collaboration is important to ensure the security of current and future payments infrastructure. Yet, collaboration today remains nascent, with only 24 percent of insiders saying there is significant collaboration across the industry.

To successfully protect payments data and consumers' personal information, the industry must embrace collaboration as the path forward, while continuing to invest in data breach response planning.

Ask anyone in the payments industry how they are feeling about technology innovation, and you will get a mixed response. Many are embracing new customer convenience options such as mobile payments, virtual currencies, and the deployment of chip and PIN – yet, a new survey found a majority of executives believe pressure to migrate to these new payments systems puts customer data at risk.

According to Experian Data Breach Resolution's report, "Data Security in the Payments Ecosystem," retailers, financial institutions, payment processors and credit card brands responsible for delivering new payments systems in the U.S. are at a security crossroads. While the potential customer benefit of new technologies is significant, it remains to be seen if security risks will serve as a corporate barrier to adoption. Faced with the fallout of several large payment breaches over the last year, executives are faced with even more scrutiny to protect customer data.

In the following slideshow, Michael Bruemmer, vice president, Experian Data Breach Resolution, examines six key study takeaways for security decision-makers to consider when evaluating new payment technologies, exploring the impact of recent mega breaches on data breach response, as well as the path forward on how businesses can work together to improve security while delivering customers the payment options they want.

 

Related Topics : Unisys, Stimulus Package, Security Breaches, Symantec, Electronic Surveillance

 
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